IHFL, LVB stocks fall up to 23% after RBI rejected merger proposal

The IBHFL stock tumbled 18.85% to close at Rs 195 on the BSE.

Shares of Indiabulls Housing Finance and Lakshmi Vilas Bank plummeted up to 23 per cent on Thursday after the Reserve Bank of India rejected proposal to amalgamate.
 

The Indiabulls Housing Finance (IBHFL) stock tumbled 18.85 per cent to close at Rs 195 on the BSE. In early trade, the scrip touched its 52-week low of Rs 187.50, shedding almost 22 per cent. On similar lines, the scrip fell 19.27 per cent settle at Rs 193.60 on the National Stock Exchange (NSE). It hit its 52-week low of Rs 185.30, down nearly 23 per cent. The company lost about Rs 1,936.9 crore in market capitalisation at Rs 8,337.69 crore. Shares of Lakshmi Vilas Bank sank 5 per cent to hit the lower price band and its one-year low of Rs 25.65 on the BSE.